Joe Biden’s promise not to raise taxes on anyone making less than $400,000 a year is hitting a major snag: inflation.
Our economy should be booming. Low-income Americans are experiencing an unprecedented 4.8 percent wage growth.* But rampant government spending, combined with lingering COVID-19 hardships, have decreased employees’ real wages by half a percent.
Inflation is a tax on hardworking Americans. Biden’s policies are bleeding them dry.
Democrats love to brand their policies as “life-changing." We heard it with the so-called American Rescue Plan. We are hearing it with the 2022 spending binge. We will soon hear it again when the House considers the trillion-dollar infrastructure package.
Calling a piece of legislation life-changing says nothing about whether it does so for the better. Biden’s policies are making lives worse.
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*Inflation statistics courtesy of Wall Street Journal
